I was also pleased to see growth in average fares for the first time in about 2 years. And despite some drag from our reservation system conversion,

i was also pleased to see growth in average fares for the first time in about 2 years and despite some drag from our reservation system conversion


Regarding our ongoing litigation with Apple, the Markman hearing took place on October 18. As a reminder, this is the claim construction hearing,

regarding our ongoing litigation with apple the markman hearing took place on october 18 as a reminder this is the claim construction hearing


and we continue to have confidence in the strengths of our IP. We remained optimistic about the future monetization opportunities in the gaming market.

and we continue to have confidence in the strength of our ip we remain optimistic about the future monetization opportunities in the gaming market


let's say, unsatisfactory profitability is the weak demand on the industrial customers area. And now when we remember that

let's say unsatisfactory profitabilities is the weak demand on the industrial customers area and now when we remember that


With this, I'd like to thank you all for your attention. We're going to be available through all the respective channel to answer any other questions that you may have on our results,

with this i'd like to thank you all for your attention we're going to be available through all the respective channel to answer any other questions that you may have on our results


expectations and projections, they are not guarantees of future performance and a variety of factors could cause actual results to differ materially.

expectations and projections they are not guarantees of future performance and a variety of factors could cause actual results to differ materially


which, as you can see in the earnings deck, has been a significant increase and steady increase in our source of funding.

which as you can see in the earnings deck has been a significant increase and steady increase in our source of funding


has been one of our greatest advantages because we can do the right thing when the markets crater, and

has been one of our greatest advantages because we can do the right thing when the market's crater and we -- and the


Unlike a lot of our other managers in the field, I've been at the company a long time. And like them, I take the success of the company very seriously and very personally.

now like a lot of our other managers in the field i've been at the company a long time and like them i take the success of the company very seriously and very personally


is an excellent number. You're starting to see now in our projections that the franchise is leverageable at the improvement that we're forecasting in the efficiency rate.

is an excellent number you're starting to see now in our projections that the franchise is leverageable at the improvement that we're forecasting in the efficiency rate


We then increased it to the -- basically, the end of March curves, which were substantially higher. So we already increased guidance

we then increased it to the -- basically the end of march curves which were substantially higher so we already increased guidance


The volume decline in part can be attributed to a temporary shortage of solvents in the marketplace, which has subsequently been alleviated.

the volume decline in part can be attributed to a temporary shortage of solvents in the marketplace which has subsequently been alleviated


All segments and geographies contributed to our success, and this is a broad-based credit to our sales team for their collaboration with our customers,

all segments and geographies contributed to our success and this is a broad-based credit to our sales team for their collaboration with our customers


to start these -- or have made some investments to start some of these new master service agreements, and so we always want to make sure we have enough liquidity there.

to start these or have made some investments to start some of these new master service agreements and so we always want to make sure we have enough liquidity there


We remain confident that our competitively unparalleled scale and our financial strength position us well to deliver valuable service to our customers.

we remain confident that our competitively unparalleled scale and our financial strength position us well to deliver valuable service to our customers


of the acquisitions of Murray Pest Control and Scientific Pest Control in Australia, as well as various Orkin acquisitions throughout the year.

of the acquisitions of murray pest control and scientific pest control in australia as well as various working acquisitions throughout the year


Per our business model, we remain on the lookout for potential future acquisitions to add on to our existing businesses as we continue to scale.

per our business model we remain on the lookout for potential future acquisitions to add on to our existing businesses as we continue to scale


and the advance rates are set semiannually. I will hand over to Diarmuid now to review the credit highlights and the closing comments.

and the advance rates are set semi-annually i will hand over to durbin now to review the credit highlights and the closing comments


help us to understand how it was you generated that line. It's obviously much higher than people are expecting. And the extent to which the income you have there is occurring?

help us to understand how it was you generated that line it was obviously much higher than people were expecting and the extent to which the income you have there is recurring


But in other cases, they're good assets but they're not located in chemical parks or there's issues with logistics and transportation that we're working through. But you will see us

uh but in other cases they're good assets but they're not located in chemical parks or there's issues with logistics and transportation that we're working through but you will see us


And if there's any significant issues in that, we would have to stop the trial. And so we feel really comfortable with the safety profile around all those

and any significant issues in that we would have to stop the trial and so we feel really comfortable with the safety profile around all those


So then you have to look at patterns. And the patterns are usually stronger first half than the second half because of

so then you have to look at patterns and the patterns are usually stronger first half than second half because of


the possibility that we might actually convert also to having superiority at week 52. But I will stress, in terms of regulatory precedents,

but the possibility that we might actually convert also to having superiority at week 52 but i will stress in terms of regulatory precedent


more than commenting specifically on this year's margin, I'd say going forward beyond with the operational leverage built into the business

more than commenting specifically on this year's margin i'd say going forward beyond with the operational leverage built into the business


and in many cases, the same client handles more than just the coal, the clients that want to work with partners that they've known for many years.

and in many cases the same client handles more than just the coal clients that want to work with partners that they've known for many years


I guess I'd say efficiently. Thankfully for us we've been able to raise capital versus where we believe we would price out were we to be

i guess i'd say efficiently thankfully for us we've been able to raise capital versus where we believe we would price out were we to be


Management fees will noticeably grow as a result of fundraising, beginning in the second half, as we turn on fees in certain of the newer funds.

management fees will noticeably grow as a result of fundraising beginning in the second half as we turn on fees in certain of the newer funds


strictly a financial figure, but it is very important from economic and social point of view, we have a very strong commitment in

quickly a financial figure but it is very important from economic and social point of view we have a very strong commitment


And in such anniversary year, for the first time in our 92-year history, we achieved both record revenues and operating profit.

and in such anniversary year for the first time in our 92-year history we achieved both record revenues and operating profit


in terms of whether you think a regulatory approval will be granted and how you think the competitive dynamics in the Dutch markets will actually change.

in terms of whether you think a regulatory approval will be granted and how you think the competitive dynamics in the dutch market will actually change


We plan to use the proceeds from both of these facilities for working capital and general corporate purposes along with funding our future expansion plans.

we plan to use the proceeds from both of these facilities for working capital and general corporate purposes along with funding our future expansion plans


This was the highest quarterly result in 7 years and was primarily driven by growth within our university operations and lower teach-out obligations.

this was the highest quarterly result in 7 years and was primarily driven by growth within our university operations and lower teachr obligations


realize that they've probably been overly restrictive in terms of what they are doing in the used car space. That's actually been

realize that they've probably been overly restrictive in terms of what they're doing in the used car space that's actually been


but also in the long term to continue to build the competitiveness of Clas Ohlson and making sure that our customers come to us for their shopping.

but also in the long term to continue to build the competitiveness of klasse olson and making sure that our customers come to us for their shopping


does that include cutted employee getting restated because of currency? I mean, if not, what would that have looked like if you haven't got the benefit of sterling weakness

does that include capital employed getting restated because of currency i mean if not what would that have looked like if you hadn't got the benefit of sterling weakness


operating margins -- or EBITDA margins. But we are going to continue to work each of these categories as we continue to transform the company,

operating margins or ebitda margins but we are going to continue to work each of these categories as we continue to transform the company


As we continue making investments in these areas, we expect to see the benefit reflected across more of this segment over the coming quarters.

as we continue making investments in these areas we expect to see the benefit reflected across more of this segment over the coming quarters


We understand that investors will always be concerned about the semiconductor business cycle, but our Q3 outlook demonstrate that these concerns should be mitigated.

we understand that investors will always be concerned about the semiconductor business cycle but our q3 outlook demonstrates that these concerns should be mitigated


including the expansion of buildings and equipment at our locations in Washington, Missouri, Mexicali, Mexico and Fredonia, Kansas.

including the expansion of buildings and equipment at our locations in washington missouri mexicali mexico and prudhon ya kansas


and the backlog and outlook are improving from this segment. Mistras has demonstrated its ability to manage through the volatile oil and gas market.

and the backlog and outlook are improving from this segment mistros has demonstrated its ability to manage through the volatile oil and gas market


but we also focused on improving our working capital management throughout the organization and made good progress in managing our accounts receivable.


And finally, we are investing to improve customer service and data analytics in an effort to drive both higher volume and profitability.

and finally we are investing to improve customer service and data analytics in an effort to drive both higher volume and profitability


Please note that the following discussion of our results is based on the comparable revenues and cost of revenues as reported in our press release.

please note that the following discussion of our results is based on the comparable revenues and cost of revenues as reported in our press release


in today's earnings announcement. The reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures

in today's earnings announcement the reconciliation of non-gaap financial measures to the most directly comparable gaap financial measures


I also think just in terms of diversity, we're just seeing it really across almost all of our markets.

i also think just in terms of diversity we're just seeing it really across almost all of our markets


In the context of our strong balance sheet and high levels of cash generation, let me remind you of how we efficiently utilize our cash.

in the context of our strong balance sheet and high levels of cash generation let me remind you of how we efficiently utilize our cash


The increase reflects benefits of mix, volume and pricing measures in the Americas and integration initiatives.

the increase reflects benefits of mix volume and pricing measures in the americas and integration initiatives


I believe that the first half of next year will be largely a recovery period where we will start to stabilize the business that's been integrated.

i believe that the first half of next year will be largely a recovery period where we will start to stabilize the business that's been integrated


which will have a positive RWA impact in Q3. Losses in the quarter includes specific valuation impacts related to these transactions.

which will have a positive rw impact in q3 losses in the quarter include specific valuation impacts related to these transactions


These incremental recurring offerings, such as data feed connectors, will further support the growth of our recurring revenue going forward.

these incremental recurring offerings such as data feed connectors will further support the growth of our recurring revenue going forward


From Belo to the London broadcast stations to KFMB in San Diego, we have consistently demonstrated our ability to meet and beat these hurdles.

from belo to the london broadcast stations to kfnb in san diego we have consistently demonstrated our ability to meet and beat these turtles


The repayment of one of our bonds and the acquisition of the minority shares of the now delisted German subsidiary STRABAG AG in Cologne

the repayment of one of our bonds and the acquisition of the minority shares of the now delisted german subsidiary strabag ag in cologne


Our overall deposit book shrank this quarter, but with lower loan balances and our desire to increase our loan to deposit ratio, we don't view this as a negative.

our overall deposit book shrink this quarter but with lower loan balances and our desire to increase our loan-to-deposit ratio we don't view this as a negative


I would like to remind you that our comments made today may include forward-looking statements. Any of those statements made by any of us this afternoon are subject to the safe harbor rules.

i would like to remind you that our comments made today may include forward-looking statements any of those statements made by any of us this afternoon are subject to the safe harbor rules


Aside from the very high prices may be paid for some of these deals, which is an obvious reason why maybe why some have struggled. Is there some other common characteristic that you're seeing

aside from the very high prices may be paid for some of these deals which is an obvious reason why maybe some have struggled is there some other common characteristic that you're seeing


The next major effort we have underway is growth of the company. While the Ascension contract provides us with significant runway to grow over the next few years,

the next major effort we have underway is growth of the company while the ascension contract provides us with significant runway to grow over the next few years


and earnings per share from continuing operations, before special items, to grow in the 2% to 3% range compared to the prior year.

and earnings per share from continuing operations before special items to grow in the 2% to 3% range compared to the prior year


Yes. So I'll let Tor comment on the breakage rate in a second. On your first question on pricing, I think I'd answer that

yes so i'll let tor comment on the breakeven rate in a second on your first question on pricing i think i'd answer that


As we've said before, with what's happened in energy over the last 12 months, the coverage we projected last year and the consolidation transaction has taken a substantial hit.

as we've said before with what's happened in energy over the last 12 months the coverage we projected last year in the consolidation transaction has taken a substantial hit


the euro exchange rate fell, and we also saw a climbing market on the equities market. And

the euro exchange rate fell and we also saw a climbing market on the equities market and


In summary, we will be able to provide unmatched access to affordable course materials and significantly expand our footprint.

in summary we'll be able to provide unmatched access to affordable course materials and significantly expand our footprint


And if the IRP is acknowledged, when could capital start flowing towards that? And would that capital potentially displace

and if the irp is acknowledged when could capital start flowing towards that and would that capital potentially displace


is helping out and you saw that in the slides as well. So it's focusing on our operations and trying to be as effective as we can going forward.

is helping out and you saw that in the slides as well so it's focusing on our operations and trying to be as effective as we can going forward


Property results can be volatile given weather patterns, so a disciplined approach to rate taking and a tight underwriting process is critical for success in this line.

property results can be volatile given weather patterns so a disciplined approach to rate taking and a tight underwriting process is critical for success in this line


But what would be a normal accident versus weather? But what we do know is that frequency and severity is increasing because of these adverse weather trends,

but what would be a normal accident versus weather but what we do know is that frequency and severity is increasing because of these adverse weather trends


We are very comfortable with our liquidity levels. And we will continue to evaluate various financing options for the future maturity.

we are very comfortable with our liquidity level and we will continue to evaluate various financing options for the future maturity


if I can squeeze last question. Sanjay, just wanted to understand by this time of last couple of years, you had a fair visibility about the growth of the next year.

if i can squeeze last question sanjay just wanted to understand by this time of last couple of years you had a fair visibility about the growth of the next year


a slowdown in purchases or intentions to buy based on the new allegations for the current President?

a slowdown in purchases or intentions to buy based on the new allegations for the current president


in the number of agent branches or significant decline. I would expect it to sort of trade sideways, that number of U.K. agency branches. Long term,

in the number of agent branches or a significant decline i would expect it to sort of trade sideways that number of u k agency branches long term


A couple of dealerships have opened already. For those who attend next week you'll see one of the first ones in Kenosha. And we'll be able to talk to you about

a couple of dealerships have opened already for those who attend next week you'll see one of the first ones in kenosha and we'll be able to talk to you about


with all things, we tweak it daily almost and try and optimize that for both movement and offsetting

with all things we tweak it daily almost and try and optimize that for both movement and offsetting


Finally, we remain highly focused on remediating our systems and working to increase liquidity in our business. Dave will speak to you about this in more detail shortly.

finally we remain highly focused on remediating our systems and working to increase liquidity in our business dave will speak to you about this in more details shortly


Please feel free to contact Michael or myself directly should you have further questions. Thank you for your time this morning and goodbye. That does conclude today's conference. We thank you all for

please feel free to contact michael or myself directly should you have any further questions thank you for your time this morning and goodbye that does conclude today's conference we thank you all for


I would encourage those of you who have tuned in live to access the slides now by clicking on the investors in media section and then clicking on events and presentations.

i would encourage those of you who have tuned in live to access the slides now by clicking on the investors and media section and then clicking on events and presentations


was lower-than-expected margins on the installation of pellet plant equipment. And the second was that we had several new products moving through our shops during the quarter. And remember that

was lower than expected margins on the installation of pellet plant equipment and the second was that we had several new products moving through our shops during the quarter and remember that


On this slide, you'll find results for customer minutes lost on the top left of the slide and customer interruptions on the top right.

on this slide you will find results for customer minutes lost on the top left of the slide and customer interruptions on the top right


I'm pleased with our results this quarter. From a strategic perspective, our business model and blueprint for growth are working.

i'm pleased with our results this quarter from a strategic perspective our business model and blueprint for growth are working


the increasing cost of employing a greater number of physicians and their related support staff and higher employee health benefit expenses in the first quarter.


To make the Wyndham Rewards program even more attractive, we are beginning to leverage our unique portfolio of vacation rental and vacation ownership properties.

to make the wynn rewards program even more attractive we are beginning to leverage our unique portfolio of vacation rental and vacation ownership properties


Would you anticipate that the -- some of those orders could come to fruition this year, in which case you would see

would you anticipate that the -- some of those orders could come to fruition this year in which case you would see


However, I'm disappointed that second half revenue was not as high as we initially thought it would be. Several factors contributed.

however i'm disappointed that second half revenue was not as high as we initially thought it would be several factors contributed


What type of partners can they be? How many partners they are available? If you can give us, a little bit, a profile of the potential partners.

what type of partners can they be how many partners they are available if you can give us a little bit a profile of the potential partners


More details on this reallocation of CapEx in production by business unit can be found in our March 2017 Investor Presentation, which is currently posted on our website.

more details on this reallocation of capex in production by business unit can be found in our march 2017 investor presentation which is currently posted on our website


That is a fair thing to say, yes. We just -- I mean as I said, KLA started just a little more than a year ago and Nordson is just a couple of months old agreement right now.

that is a fair thing to say yes we just -- i mean as i said kerala started just a little more than a year ago and odisha is just a couple months old agreement right now


I still don't quite understand when you say you have better quality revenue in that segment this year than last year,

i still don't quite understand when you say you have better quality revenue in that segment this year than last year


came out of the system, it went all the way slowly every day with less and less until the end of March. So by Q2 of this year,

came out of the system it went all the way slowly every day with less and less until the end of march so by q2 of this year


Our lower middle market companies collectively continue to exhibit very conservative leverage ratios on a relative basis, which Dwayne will cover in greater detail.

our lower middle market companies collectively continue to exhibit very conservative leverage ratios on a relative basis which dwayne will cover in greater detail


will continue to emphasize customer success stories in all of our marketing and sales tactics and continue to evolve our sale strategies for approaching new accounts.

we will continue to emphasize customer success stories in all of our marketing and sales tactics and continue to evolve our sales strategies for approaching new accounts


For a reconciliation of such measures to the comparable GAAP measures and a discussion of factors that could cause actual results to differ materially from those in the forward-looking statements,

for reconciliation of such measures to the comparable gaap measures and a discussion of factors that could cause actual results to differ materially from those in the forward-looking statements


At this time, I'll just highlight a few key items. Please note that all the numbers I am about to give have been rounded and are, therefore, approximate.

at this time i will just highlight a few key items please note that all the numbers i am about to give have been rounded and are therefore approximate


We expect to continue to generate positive cash flows for calendar year 2017, and we believe that we have sufficient cash resources to fund

we expect to continue to generate positive cash flows for calendar year 2017 and we believe that we have sufficient cash resources to fund


So the third key area of focus is obviously then our managed operations, and we believe they produced a solid performance in a difficult operating environment.

so the third key area of focus is obviously then our managed operations and we believe they produced a solid performance in a difficult operating environment


are largely driven by our partnerships. And so having just signed numerous partnerships and relationships in this past quarter, I think, helps us too.

are largely driven by our partnerships and so having just signed numerous partnerships and relationships in this past quarter i think helps us too


Helping to address that issue is a huge opportunity for consumers and is yet another way that our 2-sided platform is connecting consumers

helping to address that issue is a huge opportunity for consumers and is yet another way that our two-sided platform is connecting consumers


specific with profitability of any one part of our business. That's not something we do. But I can give you some color in terms of how we think about this internally.

specific with profitability of any one part of our business that's not something we do but i can give you some color in terms of how we think about this internally


Some of the work we have been doing in Parchem and Selleys as we originally stretched into civil and commercial construction is another example.

some of the work we have been doing in parkham and sallies as we originally stretched into civil and commercial construction is another example


We're adding new products and new technologies in this business that gives us even more confidence in it. So it's really going to be a volume play on a go-forward basis. And they are at

we're adding new products and new technologies in the business that gives us even more confidence in it so it's really going to be a volume play on a go-forward basis and they are at


Our General Counsel is retiring at the end of March, and a search is underway. Our leadership team has a shared passion for excellence and delivering on commitments,

our general counsel is retiring at the end of march and a search is underway our leadership team has a shared passion for excellence and delivering on commitments


What I can tell you is we're more active right now in terms of the opportunities we're seeing.

what i can tell you is we're more active right now in terms of the opportunities we're seeing


Have you seen a change in that trend at all? Do you still see interest? Or was maybe the economy -- their concern about the economy, is that waning a little bit?

have you seen a change in that trend at all do you still see interest or with maybe the economy -- their concern about the economy is that waning a little bit


And for a long time, kind of our strategy was to sell it then ship it from our distribution center. What we've really focused on the last couple of quarters

and for a long time kind of our strategy was to sell it then ship it from our distribution center and what we've really focused on the last couple of quarters


I think just now, we're starting to get the ability to go different places. We're seeing that and getting the assortment

i think just now we're starting to get the ability to go to different places we're seeing that and getting the assortment


to improve profitability? It seems early this year there has been some fluctuation and early in the year, we have the port factor and

improve profitability since early this year there has been some fluctuation and early in the year we have the port factor and


For an explanation of our non-GAAP financial measures, please refer to Slide 3 of this presentation or to our press release published earlier today.

for an explanation of our non-gaap financial measures please refer to slide 3 of this presentation or to our press release published earlier today


that was primarily in the first quarter. A reversal of that in the third or fourth quarter would then be a negative and a drag.

that was primarily in the first quarter a reversal of that in the third or fourth quarter would then be a negative and a drag


Transient revenue in the quarter was slightly ahead of expectations driven by our northern resorts which benefited from warmer weather during late fall.

transient revenue in the quarter was slightly ahead of expectations driven by our northern resorts which benefited from warmer weather during late fall


We will share with our clients and prospects new solutions that build upon the industry-leading clinical programs we have collaborated with them to develop.

we will share with our clients and prospects new solutions that build upon the industry-leading clinical programs we have collaborated with them to develop


who are willing to take bold actions, those who are caring for patients in a way that enable things to be done that drive better outcomes, even though those things may look challenging,

who are willing to take bold actions those who are caring for patients in a way that enable things to be done that drive better outcomes even though those things may look challenging


that there are patients for whom they think oxybate would be a great therapy but for the sodium load and don't prescribe it for that reason alone


And it's so easy to take 1, as I said to take 1 developer and compare them with us, but we're actually very much different, we have our footprint,

and it's so easy to take one -- as i said to take one developer and compare them with us but we're actually very much different we have our footprint


Little variation overall, with the upstream oil and gas segment marginally lower while we grew in other segments that have benefited from improved terms of trade.

little variation overall with the upstream oil and gas segment marginally lower while we grew in other segments that have benefited from improved terms of trade


We didn't announce any new cost increases for next year. It doesn't mean that there won't be any, but we haven't announced anything to the market.

we didn't announce any new cost increases for next year that doesn't mean that there won't be any but we haven't announced anything to the market


substantially reduced our inventory levels and are continuing to increase our distribution efficiencies. Within our product, category and merchandising teams,

substantially reduced our inventory levels and are continuing to increase our distribution efficiencies within our product category and merchandising teams


Hence, we believe it is just the beginning of an emergence of a very new era for our company, one that allows us to cater to merchants

hence we believe it is just the beginning of an emergence of a very new era for our company one that allows us to cater to merchants


So what you could do in 50 years in the past in a traditional industry, that in a technology industry, you can do it much faster. And we have been very successful in terms of compressing time.

so what you could do in 50 years in the past in a traditional industry that in a technology industry you can do it much faster and they've been very successful in terms of compressing time


and Argentina compared lower with the previous year because of the sales of investment properties that we sold more in the last year.

and argentina compared lower with the previous year because of the sales of investment properties that we sold more in the last year


A key component of our strategy is generating cost savings to provide the fuel for investments in top line growth and margin expansion.

a key component of our strategy is generating cost savings to provide the fuel for investments in top line growth and margin expansion


This is all in the spirit of increased transparency. But as always, we will be available to answer any questions that you still might have. Now on to the deck.

this is all in the spirit of increased transparency but as always we will be available to answer any questions that you still might have now on to the deck


such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements being made.


There will be a short-term dilution to our underlying operating margin and EPS starting from the point of completion, which is expected to be in the middle of the year.

there will be a short-term dilution to our underlying operating margin and eps starting from the point of completion which is expected to be in the middle of the year


That being said, what we're really going to focus on this year is what do we really need to do from an overall promotional mix to accelerate the growth.

that being said what we're really going to focus on this year is what do we really need to do from an overall promotional mix to accelerate the growth


For more information, please refer to our most recent management discussion and analysis and Annual Information Form, which are available on SEDAR, and our company website.

for more information please refer to our most recent management discussion and analysis and annual information form which are available on sedar and our company website


We believe that our current and prospective business mix will result in our networking capital as a percentage of sales to remain within our targeted range

we believe that our current and prospective business mix will result in our net working capital as a percentage of sales to remain within our targeted range


but we aren't going to be I think overzealous of those investments. We want to see full recovery and make sure that we're investing as the business comes back,

but we are going to be i think overzealous with those investments we want to see full recovery and make sure that we're investing as the business comes back


and it means that now we have unrivaled expertise in this segment. We intuitively understand and can react quickly to different market cycles.

and it means that now we have unrivaled expertise in this segment we intuitively understand and can react quickly to different market cycles


Significant weakness in pricing may affect our ability to achieve these objectives, but we will monitor and make adjustments if the environment is different than what we expect.

significant weakness in pricing may affect our ability to achieve these objectives but we will monitor and make adjustments if the environment is different than what we expect


Our core businesses continue to perform well and we're benefiting from favorable market developments, profitable portfolio acquisitions and additional leverage.

our core businesses continued to perform well and we're benefiting from favorable market developments profitable portfolio acquisitions and additional leverage


Despite that backdrop, Russia turned in a solid performance, growing low double digits as a result of pricing actions to offset inflation.

despite that backdrop russia turned in a solid performance growing low double digits as a result of pricing actions to offset inflation


Each individual loan is a little bit different. In some cases, the loans are not prepayable for a period of time.

each individual loan is a little bit different in some cases the loans are not prepayable for a period of time


First, we have introduced the concept of GameStop-branded stores to distinguish from our Technology Brands as well as our ThinkGeek stores.

first we have introduced the concept of gamestop branded stores to distinguish from our technology brands as well as our thinkgeek stores


We believe that we will achieve higher prices for our roughs by selling through Clara and it also provides us with a platform for diversification

we believe that we will achieve higher prices for our ruff by selling through clara and it also provides us with a platform for diversification


acquiring a large portfolio will clearly be transformative. Maybe that helps win an IG rating. Is that something you guys would be willing to do? At the right price, we would.

acquiring a large portfolio would clearly be transformative maybe that helps with an ig rating is that something you guys would be willing to do at the right price we would


Clearly, the ramp in execution of these programs and ongoing support for our core business will require investment. However, the expense actions taken over the last several quarters

clearly the ramp in execution of these programs and ongoing support for our core business will require investment however the expense actions taken over the last several quarters


Before we start, I would like to remind you that the presentations and discussions are conducted subject to the disclaimer. We will not read the disclaimer but

before we start i would like to remind you that the presentations and discussions are conducted subject to the disclaimer we will not read the disclaimer but


I'm curious about whether or not you are concerned about cannibalization of the Express product. We've talked about Express, one of the reasons it's been successful

i'm curious about whether or not you are concerned about cannibalization of the express product we talked about express one of the reasons it's been successful


On the Modular Solutions side of our business, which consists of production, transportation and the installation of residential, retail and commercial modular buildings,

on the modular solutions side of our business which consists of production transportation and the installation of residential retail and commercial modular buildings


We are expecting a large server program, previously mentioned to make up for this headwind, but we now see delays there going into mass production, pushing that ramp out to next quarter.

we were expecting a large server program previously mentioned to make up for this headwind but we now see delays there going into mass production pushing that ramp out to next quarter


I think we probably would have done better. But when you have customers you've been with a very long time, and you feel like you're letting them down, you want to serve them, and you want to be in there with them. And sometimes it's not all,

i think we probably would have done better but when you have customers you've been with a very long time and you feel like you're letting them down you want to serve them and you want to be in there with them and sometimes it's not all


But I am just saying, and it's just one competitor that is being particularly aggressive into and out of Southern California, that in a market that all candor,

but i am just saying and it's just one competitor that is being particularly aggressive into and out of southern california that in a market that all candor


We are collaborating across the health care sector to improve quality and value for people and seeking to take our performance for them to significantly higher levels

we are collaborating across the health care sector to improve quality and value for people and seeking to take our performance for them to significantly higher levels


the DIY consumer has to visit the store to recycle the oil. They have to return the oil back to the store so there's already a store

the diy consumer has to visit the store to recycle the oil they have to return the oil back to the store so there's already a store


a sign of weakness in Q1. So I do think that's partly driven by the slowdown in China. So we'll be keeping a close eye on that.

a sign of weakness in q1 so i do think that's partly driven by the slowdown in china so we'll be keeping a close eye on that


We will also continue to manage both overheads and capital deployment aggressively to ensure that every dollar being spent is done for the right reason and to drive the best outcome.

we will also continue to manage both overheads and capital deployment aggressively to ensure that every dollar being spent is done for the right reason and to drive the best outcome


created in '16 a new division that focuses solely on managing money for clients. And here, again, we deployed our services in different levels,

created in '16 a new division that focuses solely on managing money for clients and here again we deployed our services in different levels


Also, recall, we tend to have seasonal releases in the first quarter and builds in the third quarter in line with our reserving processes.

also recall we tend to have seasonal releases in the first quarter and builds in the third quarter in line with our reserving processes


Our business was supported by increasing activity within our oil and gas markets, notably evident in smaller to mid-sized projects such as retrofits and upgrades.

our business was supported by increasing activity within our oil and gas markets notably evident in smaller to midsized projects such as retrofits and upgrades


we believe the year-over-year growth rates are probably the most relevant way to think about our business. We think it neutralizes the brand seasonality, and it's frankly how our team thinks about managing its business. So

we believe the year-over-year growth rates are probably the most relevant way to think about our business we think it neutralizes the brand seasonality and it's frankly how our team thinks about managing its business so


great opportunities in the aftermath of Brexit, as I mentioned earlier, but it's early days. And I think we will start to see

great opportunities in the aftermath of brexit as i mentioned earlier but it's early days and i think we will start to see


It's early days yet about how they will set up and the role that we can play, but we think that with our very strong offering in cargo

it's early days yet about how they will set up and the role that we can play but we think that with our very strong offering in cargo


And assuming our results continue to increase and our cash generation continues to increase as guided, then we can possibly pay a little bit more dividend,

and assuming our results continue to increase and our cash generation continues to increase as guided then we could possibly pay a little bit more dividend


It has to say something about Moab. The future of Moab must have been terrible for you to sell it and then commit to something so risky as

it has to say something about moat the future of moat must have been terrible for you to sell it and then commit to something so risky as


So again, if you ask me what I would like to see, I'd rather see the forward curves come up and reflect reality in '19 and '20 and take the risk

so again if you ask me what i would like to see i'd rather see the forward curves come up and reflect reality in '19 and '20 and take the risk


Much of our volume decline was expected, as we implemented margin enhancement actions and pruned some unprofitable business.

much of our volume decline was expected as we implemented margin enhancement actions and pruned some unprofitable business


was there really wasn't a lot of sniddling if you will about demand, okay, other than the guys in our energy

was there really wasn't a lot of sniveling if you will about demand okay other than the guys in our energy


And I'm really excited because there's quite a bit of substance for us to convey to the market inside of this relaunch efforts.

and i'm really excited because there's quite a bit of substance for us to convey to the market inside of -- inside of this relaunch efforts


We will continue to look for opportunities to monetize our portfolio investments in transactions that we believe are in the best interest of our shareholders.

we will continue to look for opportunities to monetize our portfolio investments and transactions that we believe are in the best interest of our shareholders


I'd like to take this opportunity to state that our focus has been on liquidity, and the following actions have already been undertaken in the last 6 months.

i'd like to take this opportunity to state that our focus has been on liquidity and the following actions have already been undertaken in the last 6 months


our comment would be the pace of the trend will continue as the growth of the economy continues as the changes that we're watching in terms of the searches that were doing, et cetera,

our comment would be the pace of the trend will continue as the growth of the economy continues as the changes that we're watching in terms of the searches that we're doing et cetera


we already have installed capacity above 3 million tons of heavy plates. This is a market that

we already have installed capacity above 3 million tons of heavy plates this is a market that


And said that we were going to really push hard in the near future to really build out our digital capabilities.

and said that we were going to really push hard in the near future to really build out our digital capabilities


More than half of the decline in the earnings for this segment can really be attributed to the impact of our 1 corrugating medium machine

more than half of the decline in the earnings for this segment can really be attributed to the impact of our one corrugating machine


Our effective tax rate in the prior quarter was positively impacted by the resetting of our deferred tax assets to reflect the increase in New Jersey state rates

our effective tax rate in the prior quarter was positively impacted by the resetting of our deferred tax assets to reflect the increase in new jersey state rates


this certainly is not an easy environment to take pricing, we certainly know about price sensitivities on our major brands pretty well.

this certainly is not an easy environment to take pricing we certainly know about price sensitivities on our major brands pretty well


The overall hours are nearly correct for the day, but the deployment is not yet optimal. This can contribute to a deterioration of service levels during our critical peak hours.

the overall hours are nearly correct for the day but the deployment is not yet optimal this can contribute to a deterioration of service levels during our critical peak hours


So just the way -- our strategy and the way we do business is just there's inherent growth from the day we bring a project on until it's completely full

so just the way -- our strategy and the way we do business is just there's inherent growth from the day we bring a project on until it's completely full


I'm also encouraged by the increase in order intake and backlog in the first quarter. However, market conditions remain uncertain across our territories

i'm also encouraged by the increase in order intake and backlog in the first quarter however market conditions remain uncertain across our territories


and the first fleets that go back to work are the ones that are on the fence and we are starting to see that, so that's good news and that's what was the driver of Chile

and the first fleets that go back to work are the ones that are on the fence and we're starting to see that so that's good news and that was what was a driver of chile


It's really important for customers to keep their trucks up and running, or their equipment up and running and therefore they need a little bit more equipment, and we haven't seen that yet. But that may

it's really important for customers to keep their trucks up and running or their equipment up and running and therefore they need a little bit more equipment and we haven't seen that yet but that may


take advantage of current market volatility, expected industry dislocations and the unforeseen opportunities we've been waiting for.

quote take advantage of current market volatility expected industry dislocations and the unforeseen opportunities we've been waiting for


the costs and synergies that we can, given the size of our group, means that we're in a better position than an independent, standalone dealership, and I think

the costs and synergies that we can given the size of our group means that we're in a better position than an independent stand-alone dealership and i think


We further stated that there could be no assurance that any action will be taken as a result of this exploration. We have made no additional comments since the May 4 announcement.

we further stated that there could be no assurance that any action will be taken as a result of this exploration we have made no additional comments since the may 4 announcement


to hold our fixed expenses flat at this point. Again, we'll continue to evaluate the business. And I think history shows that

to hold our fixed expenses flat at this point again we'll continue to evaluate the business and i think history shows that


We will be expanding this type and other fresh food program globally as well as other healthy kitchen categories.

we will be expanding this type and other fresh food programs globally as well as other healthy kitchen categories


And so we set the stage for an exciting 2017, which I will come to in a moment. But before I do, I'll turn it over to Bill,

and so we set the stage for an exciting 2017 which i will come to in a moment but before i do i'll turn it over to bill


In conclusion, I'd like to say that while we, as a team, and I personally have directed a lot of our energy towards balance sheet improvements,

in conclusion i'd like to say that while we as a team and i personally have directed a lot of our energy towards balance sheet improvements


We have a considerably larger sales footprint and the expertise to be able to sell these products effectively to gain access to new accounts, where we already have a presence,

we have a considerably larger sales footprint and the expertise to be able to sell these products effectively to be able to gain access to new accounts where we already have a presence


And so over the longer term, we expect to see an improvement. But clearly, it's been a little bit more challenging for us, both due to some of our issues but also a market that just seems to be a little bit

and so over the longer term we expect to see an improvement but clearly it's been a little bit more challenging for us both due to some of our issues but also a market that just seems to be a little bit


Right now, we're just going to keep rolling these products out separately and satisfy the needs of individual products -- projects in the construction ecosystem one at a time.

right now we're just going to keep rolling these products out separately and satisfy the needs of individual product projects projects in the construction ecosystem one at a time


We entered into an agreement with Memorial Hermann in Houston to add this prestigious hospital to our network in 2017. Finally,

we entered into an agreement with memorial herman in houston to add this prestigious hospital to our network in 2017 finally


Our economic net income growth was also notable, reflecting not just FRE growth, but also strong fund investment performance across our primary strategies.

our economic net income growth was also notable reflecting not just fre growth but also strong fund investment performance across our primary strategies


we are not sure what the markets will do in the coming months. So you have the trade war and the potential consequences

we are not sure what the markets will do in the coming months so you have the trade war and the potential consequences


And statements of defense have been filed now by both Canada and Alberta. I'm really going to do my best to avoid

and statements of defense have been filed now by both canada and alberta i'm really going to do my best to avoid


But it is a lot -- a lot of work that we have to do. We have rate readiness reviews on a regular basis with my team

but it is a lot -- a lot of work that we have to do we have rate readiness reviews on a regular basis with my team


The increase was primarily attributable to product manufacturing expenses and associated accelerated spending, including increased headcount

the increase was primarily attributable to product manufacturing expenses and associated accelerated spending including increased headcount


year-over-year increase in operating expenses was also attributable to costs associated with the patent infringement lawsuit brought by CommScope at the end of January.

the year-over-year increase in operating expenses was also attributable to costs associated with the patent infringement lawsuit brought by commscope at the end of january


market, but do you think it will also change very fast, just like in Taiwan, and will be very difficult to launch new products?

market but do you think it will also change very fast just like in taiwan and it will be very difficult to launch new products


And I want to be very clear on this point, that we have not yet made any decisions regarding the long term viability of our coal -- our older coal assets.

and i want to be very clear on this point that we have not yet made any decisions regarding the long-term viability of our coal -- our older coal assets


With our longstanding track record, it should come as no surprise that we are prepared and excited about 2018. We pride ourselves on leaving little to change.

with our long-standing track record it should come as no surprise that we are prepared and excited about 2018 we pride ourselves on leaving little to chance


Turning to Slide 6. We wanted to clarify and outline some observations about Ofgem's recent RIIO-2 consultation document

turning to slide 6 we wanted to clarify and outline some observations about offgem's recent rio 2 consultation document


and relatively flat marketing expenses associated with ReposiTrak. Going forward, we expect sales and marketing expenses to fall as a percentage of revenue

and relatively flat marketing expenses associated with repositrack going forward we expect sales and marketing expenses to fall as a percentage of revenue


and the remainder would relate to general corporate capital expenditures and CapEx related to our New York Lottery business, following the recent extension of the agreement for 2 years.

and the remainder would relate to general corporate capital expenditures and capex related to our new york lottery business following the recent extension of the agreement for 2 years


portfolio prioritization. A portion of the cost savings from the restructuring of our pain business will be redeployed

portfolio prioritization a portion of the cost savings from the restructuring of our pain business will be redeployed


And we'll continue to use the 3 economic models, all whilst selecting the one that gives us the best outcome for a particular territory or a format.

and we'll continue to use the 3 economic models always selecting the one that gives us the best outcome for a particular territory or format


Notwithstanding the falloff in Q4 revenue, bookings were better than anticipated, and we continue to see significant improvements in drill pipe supply and demand fundamentals.

notwithstanding the fall off in q4 revenue bookings were better than anticipated and we continue to see significant improvements in drill pipe supply and demand fundamentals


And so all of that leads to better opportunity. That's one piece of it. The other piece of it is our products keep getting better. Our

and so all of that leads to better opportunity that's one piece of it the other piece of it is our products keep getting better our


For example, we recently announced a collaboration with ARM to develop a neuromorphic switch that can enable new approaches to AI computing.

for example we recently announced a collaboration with arm to develop a neuromorphic switch that can enable new approaches to ai computing


But it will go out on its own. And maybe, at that point in time, maybe they will probably really concentrate more on their various businesses.

but it will go out on its own and maybe at that point in time maybe they'll probably really concentrate more on their various businesses


we spent more in the second quarter as part of the building out process of sales and marketing and related infrastructure for some of our faster-growing international operations.

we spent more in the second quarter as part of the building-out process of sales and marketing and related infrastructure for some of our faster-growing international operations


In particular, I want to provide you with a meaningful update on the progress we have made with respect to our efforts around a large reinsurance transaction.

in particular i want to provide you with a meaningful update on the progress we have made with respect to our efforts around a large reinsurance transaction


As we touched on previously, wholesale inventory levels impacted industry volume declines in the third quarter compared to the third quarter of last year.

as we touched on previously wholesale inventory levels impacted industry volume declines in the third quarter compared to the third quarter of last year


build and modernize their full application suite, which will touch nearly every process in the company from finance to manufacturing to drug development.

build and modernize their full application suite which will touch nearly every process in the company from finance to manufacturing to drug development


And we are working very hard to make sure that in all the bricks that we need in terms of technology for this application we are the best.

and we are working very hard to make sure that in all the bricks that we need in terms of technology for this application we are the best


We entered the bridge lending space to use our capital on opportunities with strong sponsors, good credit and the potential for an agency permanent takeout.

we added the bridge lending space to use our capital on opportunities with strong sponsors good credit and the potential for an agency permanent takeout


parts, but we expect that to rebalance toward the back half of the year and the margins to come up a little bit in Global Services over time. And Industrial Environmental,

parts but we expect that to rebalance toward the back half of the year and the margins to come up a little bit in global services over time and industrial environmental


Let's move now to our first quarter guidance. Given the recent underperformance in Ladies apparel, a business that becomes more important

let's move now to our first quarter guidance given the recent underperformance in ladies apparel a business that becomes more important


As we've said in the past, we continue to invest in clinical research in our key geographic markets to assess da Vinci surgery outcomes and help educate the market.

as we've said in the past we continue to invest in clinical research in our key geographic markets to assess da vinci surgery outcomes and help educate the market


and a wider funnel for our entire business. But the numbers that I gave you are purely from a fully-loaded box

and a wider funnel for our entire business but the numbers that i gave you are purely from a fully loaded box


and outpacing our technical learning curve. And so, in every one of these plays, and we've been doing this for 2 decades now,

and outpacing our technical learning curve and so in every one of these plays and we've been doing this for 2 decades now


to geopolitical turmoil, we have consistently and substantially reinvested savings back into the business to further build capabilities

to geopolitical turmoil we have consistently and substantially reinvested savings back into the business to further build capabilities


it is actually some events on the extreme, I would characterize it, and not events that are in the core of the business. I mean, the first change

it is actually some events on the extreme i would characterize it and not events that are in the core of the business i mean the first change


up 14%. The data revenues were boosted by the significant network additions that we saw in the year, the subscriber growth that we saw in key markets

up 14% the data revenues were boosted by the significant network additions that we saw in the year the subscriber growth that we saw in key markets


and gives our customers the ability to realize that we are a strategic part of their future, and we're going to help them become more successful than ever through that

and gives our customers the ability to realize that we are a strategic part of their future and we're going to help them become more successful than ever through that


speaking with our oil company customers, we're spending more time working with our customers who we think, in the current low oil price environment,

speaking with our oil company customers we're spending more time working with our customers who we think in the current low oil price environment


As we look at these value-creation metrics, our goal is consistency, sustaining our improved performance and making more progress from here.

as we look at these value creation metrics our goal is consistency sustaining our improved performance and making more progress from here


and reward the patient investor. But our overall strategy is in fact a growth strategy, and it is only, because we generate

and reward the patient investor but our overall strategy is in fact a growth strategy and it's only because we generate


The only thing I have kind of referenced in the comments that we've seen a little bit of a heartbeat, and that's just a little more conversation. And then when we see the

the only thing we kind of referenced in the comments that we've seen a little bit of a heartbeat and that's just a little more conversation and then when we see the


The expectation that demand growth will outgrow supply growth this year and potentially also in 2017 is certainly a step in the right direction.

the expectation that demand growth will outgrow supply growth this year and potentially also in 2017 is certainly a step in the right direction


Today's call contains forward-looking statements that address our expected future performance and that by their nature address matters that are uncertain.

today's call contains forward-looking statements that address our expected future performance and that by their nature address matters that are uncertain


making sure that we understand our costs when the contract comes in to when we actually are going to do the materials buy, so actively spending more time as a team looking at that.

making sure that we understand our costs when the contract comes in to when we actually are going to do the materials buy so actively spending more time as a team looking at that


I know there's a certain amount on the books going in and certain amounts that's left to go, but are they actively kind of grouping up due to the weakness in transient?

i know there's a certain amount on the books going in and certain amount that's left to go but are they actively kind of grouping up due to the weakness in transient


that will be the time of year where our experience has been the industry tries to drive to low levels of inventory. And yet we were seeing pretty broad-based shipments

that would be the time of year where our experience has been the industry tries to drive to low levels of inventory and yet we were seeing pretty broad-based shipments


and we continue to think that, that will be, as I said also, a major driver going forward as it was -- as it has been in the past. And similarly on the small loans,

and we continue to think that that will be as i said also a major driver going forward as it was -- as it has been in the past and similarly on the small loans


that we are taking advantage of the opportunity to prove out the margin expansion component of our strategy.


What we've identified is what's going to be needed and what -- and how long it's going to take for us to get to The Street with those products.

what we've identified is what's going to be needed and what -- and how long it's going to take for us to get to the street with those products


driven primarily by incremental volumes from Canwest, higher retail volumes driven by colder weather and organic growth and higher wholesale volumes related

driven primarily by incremental volumes from tanlac higher retail volumes driven by colder weather and organic growth and higher wholesale volumes related


So you -- trying to help them, but they're so arrogant, they don't want it. So what we do

so you're trying to help them but they're so arrogant they don't want it so what we do


The second point I'll make is that we're not executing to the level that I know that we are capable of, and certainly to the level that is expected by our shareholders.

the second point i'll make is that we're not executing to the level that i know that we are capable of and certainly to the level that is expected by our shareholders


which are more apparent today than they were last fall when we first presented guidance for fiscal 2016. As Curtis has already mentioned,

which are more apparent today than they were last fall when we first presented guidance for fiscal 2016 as curtis has already mentioned


online and addressable advertising business seems to be under fire on a lot of fronts. And there's some increased investor preference lately for online subscription businesses.

online and addressable advertising business seems to be under fire on a lot of fronts and there's some increased investor preference lately for online subscription businesses


Some of these bids will be -- can happen during the current year, but they can happen next year or even in 2 years from now.

some of these bids will be -- can happen during the current year but they can happen next year or even in 2 years from now


is a real advantage for us as we think about proactively being able to build out capability and make the required investments


I'll talk later about our Project Uplift which you will be familiar with is our drive to increase

i'll talk later about our project uplift which you will be familiar with is our drive to increase


The other part is we really do try to plan our buying decisions on a longer-term basis and not on shorter-term windows.

the other part is we really do try to plan our buying decisions on a longer-term basis and not on shorter-term windows


and partly due to the way in which we sell it, which is needs-based selling through the LPs and the LCs. But we have seen some increased competition in the bank channel.

and partly due to the way in which we sell it which is needs-based selling through the lps and the lcs but we have seen some increased competition in the bank channel


both for the OEM market as well as for the final battery product for the forklift and the Materials Handling market.

both for the oem market as well as for the final battery product for the forklift and the materials handling market


As an example, we targeted a reduction in time from first notice of loss to initial estimate and anticipate seeing favorable results for our metal coverages.

as an example we targeted a reduction in time from first notice of loss to initial estimate and we anticipated seeing favorable results for our metal coverages


These initiatives include specific projects and activities targeted towards generating more sales leads, improving close rates, and reducing the total overall cost of a home standby system.

these initiatives include specific projects and activities targeted towards generating more sales leads improving close rates and reducing the total overall cost of a home standby system


Overall, first quarter export revenues were lower than the year ago quarter due to lower realizations for our Japan and China logs.

overall first quarter export revenues were lower than the year ago quarter due to lower realizations for our japan and china logs


that we expect will enhance communications, coordination, efficiency and cost effectiveness, which in turn will help drive EBITDA growth over time.

that we expect will enhance communications coordination efficiency and cost effectiveness which in turn will help drive ebitda growth over time


those merchants that are using PayPal to sell across multiple channels already grow at nearly 3x the rate of those that sell on only one marketplace.

those merchants that are using paypal to sell across multiple channels already grow at nearly 3x the rate of those that sell on only one marketplace


In summary, I am pleased with our second quarter results, and look forward to a reprieve from commodity cost pressures during the second half of our fiscal year.

in summary i am pleased with our second quarter results and look forward to a reprieve from commodity cost pressures during the second half of our fiscal year


Also during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance.

also during today's call we will discuss non-gaap financial measures which we believe can be useful in evaluating the company's financial performance


and the team of The University of Texas MD Anderson Cancer Center will present data in a separate poster. These presentations will highlight several key findings.

and the team at the university of texas md anderson cancer center will present data in a separate poster these presentations will highlight several key findings


From a merchandising perspective, we saw positive comps across almost all of our product categories with the largest drivers being appliances, computing and smart home.

from a merchandising perspective we saw positive comps across almost all of our product categories with the largest drivers being appliances computing and smart home


And this was our first lean diagnosis event that was late in the third quarter. And that's just one example of one small piece of our manufacturing operations, but

and this was our first lean diagnosis event that was late in the third quarter and that's just one example of one small piece of our manufacturing operations but


realize there's a net benefit then we make the sale of the additional products and turn on those additional modules. The best -- the biggest benefit is when you're selling the entire product

realize there's a net benefit then we make the sale of the additional products and turn on those additional modules the best -- the biggest benefit is when you're selling the entire product


yes, we are looking at sometimes kind of making a wholesale deal with people in terms of acquiring many plants rather than just 1 or 2 plants.

yes we are looking at sometimes kind of making a wholesale deal with people in terms of acquiring many plants rather than just 1 or 2 plants


of organic operating margin improvement in the 3 years ending fiscal 2019, and our performance ambition

of organic operating margin improvement in the 3 years ending fiscal 2019 and our performance ambition


Can you talk a little bit how much more capacity you have left when it comes to the Hardox products? That's the first one. And also if you can sort of

can you talk a little bit how much more capacity you have left when it comes to the hardox products that's the first one and also if you can sort of


kind of stays with the customer through the project, from the beginning when we do the measure to the end when we kind of do the final walk-through. So we expect

kind of stays with the customer through the project from the beginning when we do the measure to the end when we kind of do the final walkthrough so we expect


This is definitely part of our strategy to manage our network in an even more dynamic fashion, to make sure that our network is fit for future.

this is definitely part of our strategy to manage a network in an even more dynamic fashion to make sure that our network is fit for future


very quickly and very strongly with price decreases. And as I've said in my formal remarks, we have actually seen greater amounts of

very quickly and very strongly with price decreases and as i've said in my formal remarks we have actually seen greater amounts of


for both C Series models in the third quarter. This means better operating costs and value for airlines.

for both c series models in the third quarter this means better operating cost and value for airlines


are in fact putting those new aircraft not in replacement for the aircraft that they're subbing in for, but rather on longer, thinner routes.

or in fact putting those new aircraft not in replacement for the aircraft that they're subbing in for but rather on longer thinner routes


be more transparent. We think we went a long way along those lines. A clear example of what you already saw very visibly is what we did on overdraft.

be more transparent we think we went a long way along those lines a clear example of what you already saw very visibly is what we did on overdraft


production grew much stronger than anybody expected and new rail facilities actually located themselves in the Western part of the state.

production grew much stronger than anybody expected and new rail facilities actually located themselves in the western part of the state


by definition, my revenues come down. When I can convert somebody from a very high cost specialty drug to a lower cost more efficacious specialty drug,

by definition my revenues come down when i can convert somebody from a very high cost specialty drug to a lower cost more efficacious specialty drug


I'd like to remind everyone that statements made during this conference call relating to the company's expected future performance, future business prospects

i'd like to remind everyone that statements made during this conference call relating to the company's expected future performance future business prospects


starting the process of reducing product cost and most importantly, continuing to take care of our customers. Our job is clear

starting the process of reducing product cost and most importantly continuing to take care of our customers our job is clear


that the moves that we've made in our portfolio and our business model are not only headed in the right direction, but have succeeded. And yet,

that the moves that we've made in our portfolio and our business model are not only headed in the right direction but have succeeded and yet


And what you then see is after a few months that starts flattening out again and then it started to go up again. So it is pretty much getting people -- getting the customers

and what you then see is after a few months that starts flattening out again and then it's starting to go up again so it is pretty much getting people -- getting the customers


We're in a really good spot with respect to kind of the right level of leverage on the balance sheet. So we feel like we've got a lot of flexibility.

we're in a really good spot with respect to kind of the right level of leverage on the balance sheet so we feel like we've got a lot of flexibility


Finally, as you know, we will provide 2019 guidance during our fourth quarter call. But in the interim, there are some items I would like to highlight.

finally as you know we will provide 2019 guidance during our fourth quarter call but in the interim there are some items i would like to highlight


Yes, we believe it's going to be more of a gradual recovery. As we've improved the operating profit profiles of all of our regions,

yes we believe it's going to be more of a gradual recovery as we've improved the operating profit profiles of all of our regions


kind of levers that we should be watching to get pulled or need to see in the market to reach that target sooner or later?


This is a great demonstration of our ability to rapidly build new solutions to further address customer needs and grow our addressable markets.

this is a great demonstration of our ability to rapidly build new solutions to further address customer needs and grow our addressable markets


we really do have a scale of reach that is significant and gives us the ability to compete with some of the biggest players in Canada, and is a significant advantage compared to any of the new players.

we really do have a scale of reach that is significant and gives us the ability to compete with some of the biggest players in canada and is a significant advantage compared to any of the new players


And we need to be able to maintain our position in payer access to ensure that we continue to drive demand the way we have been.

and we need to be able to maintain our position in payer access to ensure that we continue to drive demand the way we have been


I'll also point out that those partnerships are a potential source of change to our capital structure that Gina had commented on a bit earlier.

i'll also point out that those partnerships are a potential source of change to our capital structure that gina had commented on a bit earlier


with the major suppliers to optimize our income of aircraft without paying any cancellation fees, any of that. So I think we'll be seeing an optimization of our investment

with the major suppliers to optimize our income of aircraft without paying any cancellation fees or any of that so i think we'll be seeing an optimization of our investment


As we have consistently communicated, we remain strongly committed to a solid investment grade credit rating. And our target leverage ratio

as we have consistently communicated we remain strongly committed to a solid investment-grade credit rating and our target leverage ratio


along with a lower effective tax rate and lower weighted average shares prior to our equity issuances related to the Pinnacle acquisition.

along with a lower effective tax rate and lower weighted average shares prior to our equity issuances related to the pinnacle acquisition


is what's happening now and what's going to be happening over the next few quarters, not necessarily what's happened sort of already through reported results.

is what's happening now and what's going to be happening over the next few quarters not necessarily what's happened sort of already through reported results


On Slide 6, we have listed the tools that APA has at its disposal that are enabling a more liquid and affordable gas market.

on slide 6 we have listed the tools that apa has at its disposal that are enabling a more liquid and affordable gas market


And then just the way we believe we can run the plant, because we can focus on certain productivity levels, we feel more confident than we did when we

and then just the way we believe we can run the plant because we can focus on certain productivity levels we feel more confident than we did when we


In our heavy oil business unit, we await the start up of additional water handling capacity in the Quifa area by the end of the year.

in our heavy oil business unit we await the start-up of additional water handling capacity in the kiefer area by the end of the year


reflecting significant new accounts and new trials driven by the value and performance of our resid and polypropylene technologies.

reflecting significant new accounts and new trials driven by the value and performance of our resid and propylene technologies


Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the company's present expectations.

such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the company's present expectations


a product, a 0.1 product release where we're just addressing some issues. This is all innovation that was necessary for us to have a platform.

a product -- a point 1 product release where we're just addressing some issues this is all innovation that was necessary for us to have a platform


This insensitivity is partly due to the additional surpluses within the with-profits funds and the group pension schemes that I have just talked about.

this insensitivity is partly due to the additional surpluses within the with-profits funds and the group pension schemes that i have just talked about


As CEO, I have the full authority to undertake this analysis and implement the right actions to meet our objectives.

as ceo i have the full authority to undertake this analysis and implement the right actions to meet our objectives


The second matter relates to the air cargo sector from which we're strategically accelerating our exit. This sector continues to suffer from a glut of capacity.

the second matter relates to the air cargo sector from which we are strategically accelerating our exit this sector continues to suffer from a glut of capacity


It's very good business for us to do that because it's obviously still cheap funding for the bank. So there is an effect of a large deposit increase in these units

it's very good business for us to do that because it's obviously still cheap funding for the bank so there is an effect of a large deposit increase in these units


improving the security posture, reliability and speeding up the integration of the technology platforms. We've been successful on all 3 fronts.

improving the security posture reliability and speeding up the integration of the technology platforms we've been successful on all 3 fronts


decision on the dividend relative to the buyback. I guess, I'm just kind of curious how you guys think about sort of the value proposition of the shares currently

decision on the dividend relative to the buyback i guess i'm just kind of curious how you guys think about sort of the value proposition of the shares currently


What ends up happening is that there are bonds that are going to hit the market, and there aren't enough investors to take up that incremental supply.

what it ends up happening is that there are bonds that are going to hit the market and there aren't enough investors to take up that incremental supply


Dave? Thank you, John. We are restless as an enterprise for positive change in health care, and we know the market is as well.

dave thank you john we are restless as an enterprise for positive change in health care and we know the market is as well


The nonresidential construction markets continue to be productive with many existing large multibillion-dollar, multiyear projects continuing

the nonresidential construction markets continue to be productive with many existing large multibillion dollar multiyear projects continuing


for a company. But if there are opportunities to buy something that is technically unique, could extend one of our

for a company but if there are opportunities to buy something that is technically unique could extend one of our


But if there are services and solutions that you're wrapping around IoT, then for sure there is significant margin improvement.

but if there are services and solutions that you're wrapping around iot then for sure there's significant margin improvement


but they grew in mobility and seating, which is where we ultimately want to see it grow. And I guess the other thing I'd just throw out there is that if I look at the operating margin

but they grew in mobility seating which is where we ultimately want to see them grow and i guess the other thing i just throw out there is that if i look at the operating margin


And finally, we will use non-GAAP financial measures in this morning's discussion to help our unitholders and the investment community better understand our operating performance.

and finally we will use non-gaap financial measures in this morning's discussion to help our unitholders and the investment community better understand our operating performance


So that is not the cause which would be of concern. We have to continue our efforts

so that is not the cause which would be of concern we have to continue our efforts


We have an experienced corporate development team that continues to build strong industry relationships as well as a pipeline of these types of opportunities.

we have an experienced corporate development team that continues to build strong industry relationships as well as a pipeline of these types of opportunities


We looked at the balance of trade numbers to really see if there's any kind of competitive issues and we didn't see anything there throughout the whole year. So we then, I

we looked at the balance of trade numbers to really see if there's any kind of competitive issues and we didn't see anything there throughout the whole year so we then


since during promotional periods, many of our retail customers were being offered the same discounted price as a Pro customer would normally receive.

since during promotional periods many of our retail customers were being offered the same discounted price as a pro customer would normally receive


Over the past year, we enhanced our access to a variety of capital sources and protected our balance sheet from a rising rate environment.

over the past year we enhanced our access to a variety of capital sources and protected our balance sheet from a rising rate environment


So it is -- it's more of a virtuous circle I think, as we added more dealer locations and rental locations

so it is -- it's more of a virtuous circle i think as we added more dealer locations and rental locations


Our contractual products, including ChoiceLease, Dedicated and Supply Chain, all grew during the quarter and will provide the majority of the company's earnings this year.

our contractual products including choice lease dedicated and supply chain all grew during the quarter and will provide the majority of the company's earnings this year


Going forward, we will have a proper, more element of local procurement built in there to ensure that the community needs are also looked after. But it's a different

going forward we will have a proper more element of local procurement built in that and share so the community needs are also looked after but it's a different


The strong performance in the second half delivered production of just over 2 million ounces, up 15% over the first half.

the strong performance in the second half delivered production of just over 2 million ounces up 15% over the first half


And that there will be continuity of operation by the tenant throughout this intermediate portion through the end of the lease term. That's our expectation.

and that there will be continuity of operation by the tenant throughout this intermediate portion through the end of the lease term that's our expectation


like activities recently from both sides? And I know, previously, you talked about maybe the strategy of Quench going

like activities recently from both sides and i know previously you talked about maybe the strategy of clunch going


Our acquisition strategy has been very disciplined over the past several years with 5 or 6 previous deals and we intend to remain very disciplined in the future as we address

our acquisition strategy has been very disciplined over the past several years with 5 or 6 previous deals and we intend to remain very disciplined in the future as we address


at a faster pace than we grow expenses. But when we're sitting around the conference table, we're not talking about margin expansion, we are talking about revenue growth

at a faster pace than we grow expenses but when we're sitting around the conference table we're not talking about margin expansion we are talking about revenue growth


At a higher level, the future looks very bright for MACOM. The industry is entering the next phase of infrastructure spending globally,

at a higher level the future looks very bright for ancom the industry is entering the next phase of infrastructure spending globally


That said, we have positioned the holding company to raise debt to fund capital for growth or to consider buybacks of our common stocks.

that said we have positioned the holding company to raise debt to fund capital for growth or to consider buybacks of our common stock


it takes a little bit longer because payment is established based on the number of claims they receive.


Before we begin, I want to remind you that in this call, we'll refer to forward-looking statements, which include all statements we make about our future financial and operating performance,

before we begin i want to remind you that in this call we refer to forward-looking statements which include all statements we make about our future financial and operating performance


very modest from a realized carry perspective for this segment. I fully believe that over the course of this year, that will increase in this segment.

very modest from a realized carrier perspective for this segment i fully believe that over the course of this year that will increase in this segment


While those numbers might seem contradictory to my earlier comments on seasonality in the third quarter, they point out a very important fundamental concept about our new business model.

while those numbers might seem contradictory to my earlier comments on seasonality in the third quarter they point out a very important fundamental concept about our new business model


Also, the inclusion criteria of the clinical study seems to be rather narrow in terms of ages and ambulatory function.

also the inclusion criteria of the clinical study seems to be rather narrow in terms of ages and ambulatory function


And what I found is that Marvell has a long track record of closely partnering with its customers. And as a result, we have a long list of very loyal customers.

and what i found is that marvell has a long track record of closely partnering with its customers and as a result we have a long list of very loyal customers


first of all, it will open up a whole new kind of market and also improve hugely, immensely the service experience for the customer. Secondly,

first of all it will open up a whole new kind of market and also improve hugely immensely the service experience for the customer secondly


if we haven't retained the virulence of the isolate, we won't be going into a human challenge study because you won't be any better than the existing human challenge study,

if we haven't retained the virulence of the isolate we won't be going into a human challenge study because it won't be any better than the existing human challenge study


somewhere in the region of almost 10 subjects enrolled. So it's very few subjects that actually enrolled and is primary looking at the safety

somewhere in the region of almost 10 subjects enrolled so it's very few subjects that actually enrolled and it's primarily looking at the safety


the intention to more optimize the use of our capital as our credit positions evolve. But I wouldn't expect any material change

the intention to more optimize the use of our capital as our credit positions evolve but i wouldn't expect any material change in our


our New York office simply continues year after year to make more profit than any other region and with pristine asset quality.

our new york office simply continues year after year to make more profit than any other region and with pristine asset quality


as the pendulum swings too far in both directions. The market has been so crazy that the piling-on effect has driven down bank stocks

as the pendulum swings too far in both directions the market has been so crazy that the piling own effect has driven down base stocks


And at the same time, the ore has better quality and we have a better recovery. And with

and at the same time the ore has better quality and we have a better recovery and


It is also worth noting that in so far as we're talking about the automotive business, we believe industry returns may be at the bottom of the cycle.

it is also worth noting that insofar as we're talking about the automotive business we believe industry returns may be at the bottom of the cycle


the ability for financiers to bring more of those products to market, which, in turn, give us the opportunity or to obviously participate in

the ability for financiers to bring more of those products to market which in turn give us the opportunity to obviously participate in


Time is the missing element to see this change in direction and pace yield results.

time is the missing element to see this change in direction and pace yield results


with firms regarding ongoing access to Reis data in accordance with the terms and conditions of a subscription agreement. Reis has developed a programmatic approach

with firms regarding ongoing access to reis data in accordance with the terms and conditions of a subscription agreement reis has developed a programmatic approach


will pay a surcharge in order to get an API, and it will really depend upon a range of circumstances in terms of the amount of data that they will be using and all kinds of things. But

will pay a surcharge in order to get an api and it will really depend upon a range of circumstances in terms of the amount of data that they will be using and all kinds of things but


from some of our new products, most particularly from our affordable housing module that we launched last summer

from some of our new products most particularly from our affordable housing module that we launched last summer


then clearly, that's not a situation where you would want to study the effect of an oral drug because it'll come straight back up because of the vomiting from the disease.

then clearly that's not a situation where you would want to study the effect of an oral drug because it'll come straight back up because of the vomiting from the disease


And 600 NOV employees were displaced from their homes by floodwaters. Our thoughts and prayers remain with them and their families as they put their lives back together.

and 600 nov employees were displaced from their homes by floodwaters our thoughts and prayers remain with them and their families as they put their lives back together


In developed markets, revenues were up about 3%. In the first half of the year, we saw modest growth in discretionary spend, and that continued in the third quarter.

in developed markets revenues were up about 3% in the first half of the year we saw modest growth in discretionary spend and that continued in the third quarter


Steve will describe this more fully, but I'd like to give you a high-level review of our performance and comment on some trends and dynamics.

steve will describe this more fully but i'd like to give you a high-level review of our performance and comment on some trends and dynamics


is by using ENI as a framework for how to think about value, there's a lot of variability in what the actual shareholder experience is,

is by using eni as a framework for how to think about value there's a lot of variability in what the actual shareholder experiences


We will also begin to realize additional operational efficiencies while we continue the planning and execution needed for our all-digital conversion in the Northeast Division.

we will also begin to realize additional operational efficiencies while we continue the planning and execution needed for our all-digital conversion in the northeast division


to maintain, if not, even increase that level of spending where we need to in specific areas to ensure that we are the leader

to maintain if not even increase that level of spending where we need to in specific areas to ensure that we are the leader


a portion of these reductions are also to allow for reinvestment in the business related to our capabilities and product launch preparedness.


as well as business process to accelerate the deployment of last mile fiber network to the premises of the customer.


We continue to believe that's the right range, although I would say we're on track to go towards the high end of that range. So

we continue to believe that's the right range although i would say we're on track to go towards the high end of that range so


As of now, we have put a lot of resources in this respect. I will continue to do this well.

as of now we have put a lot of resources in this respect i will continue to do this well


We cannot do things as we do in Taiwan or Hong Kong, engaging in national markets or doing things nationwide.

we cannot do things as we do in taiwan or hong kong engaging in national markets or doing things nationwide


most of the people are irritated when they have to bring their parcel. They don't want to have -- bring to a certain location. Now you have the solution to give it

most of the people are irritated when they have to bring their parcel they don't want to have -- bring to a certain location now you have the solution to give it


customer and market for UQM. I also want to mention that our longtime partners Proterra and Zenith will continue to be strong customers

customer and market for uqm i also want to mention that our longtime partners protera and zenith who continue to be strong customers